New Delhi, April 30 -- Iran's currency has plunged to a new record low, underscoring mounting economic pressure from ongoing conflict, US sanctions, and a naval blockade disrupting key trade routes. The Iranian rial weakened to around 1.8 million against the US dollar on the open market today, marking a sharp fall from roughly 811,000 a year ago. The latest decline follows renewed volatility after weeks of relative stability earlier in the conflict.

Limited trading activity initially masked deeper economic stress, but the currency has now resumed its slide, raising concerns of further inflation as import costs surge. The United States has intensified pressure through a naval blockade imposed earlier this month, following Iranian restrict...